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New York State Thruway Authority

Bond Sales - Recent Issues

Note: All bond issues are tax exempt unless otherwise noted in Title of bond issue.

General Revenue Bonds, Series J

Official Statement - Series J PDF 

Par Amount: $677,460,000

New Money Generated: $350,000,000

Closing Date: February 6, 2014

Dated Date: February 6, 2014

First Maturity: 01/01/2015

Final Maturity: 01/01/2044

Interest Payment Dates: July 1 and January 1, commencing July 1, 2014

Call Provisions: 01/01/2024 @ 100%

TIC (True Interest Cost): 4.0901%

Purpose of Issue: To fund a portion of the cost of the Authority's Multi-Year Capital Program, to provide funds to refund a portion of the Authority's General Revenue Bonds, Series F and Series G, to make a deposit to the Senior Debt Service Reserve Fund and to pay the Costs of Issuance of the Series J Bonds.

Security: The Series J Bonds are direct and general obligations of the Authority secured by a pledge of revenues as established under the Bond Resolution.

Pricing Dates: 
Retail – 01/21/14
Institutional – 01/22/14
Award – 01/23/14

Insured by: None

Ratings:   
S&P = A (Stable)
Moody's = A2 (Stable)

Bookrunner: Barclays Capital Inc

Co-Coordinating Manager: Siebert Brandford Shank & Co., L.L.C.

Co-Senior Managers:  
Goldman, Sachs & Co.
Jefferies
J.P. Morgan

Co-Managers:        
BMO Capital Markets
Fidelity Capital Markets
M.R. Beal & Company
Roosevelt & Cross Incorporated
Southwest Securities Inc.
Stifel, Nicolaus & Company, Incorporated

Bond Counsel: Hawkins Delafield & Wood L.L.P.

Co-Bond Counsel: Bryant Rabbino L.L.P.

Underwriters Counsel: Hiscock & Barclay, L.L.P.

Financial Advisor: First Southwest Company

Trustee: The Bank of New York Mellon

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General Revenue Junior Indebtedness Obligations, Series 2013A

Official Statement - Series 2013A PDF 

Par Amount: $1,600,000,000

New Money Generated: $1,210,980,226.37

Refunding Series 2013B BANs: $606,197,112.54

Closing Date: 12/18/13

Dated Date: 12/18/13

Single Maturity:  05/01/19

First Interest Payment Date: 07/01/14

TIC (True Interest Cost): 2.27%

Purpose of Issue: The Series 2013A Junior Indebtedness Obligations are being issued (i) to fund a portion of the cost of the Authority's New NY Bridge Project, a twin span replacement of the Tappan Zee Bridge, (ii) to provide funds to refinance the principal and accrued interest on the Authority's General Revenue Bond Anticipation Notes, Series 2013B, (iii) to pay capitalized interest on the Series 2013A Junior Indebtedness Obligations through December 31, 2017, and (iv) to pay the Costs of Issuance of the Series 2013A Junior Indebtedness Obligations.

Insured by: Assured Guaranty Municipal Corp, for the $45,675,000 aggregate principal amount of Series 2013A Junior Indebtedness Obligations maturing on 05/01/19 with a 5% coupon and priced to yield 2.00% (CUSIP 650010AC5).

Ratings (Moody's'/S&P):   
A3/A- (uninsured)
A2/AA- (insured)

Bookrunner: Citigroup Global Markets Inc.

Co-Coordinating Manager: Loop Capital Markets LLC

Senior Managers:  
BofA Merrill Lynch
Morgan Stanley
RBC Capital Markets
Wells Fargo Securities

Co-Managers:   
M.R. Beal & Company
CastleOak Securities, LP
Goldman, Sachs & Co.
Janney Montgomery Scott
Ramirez & Co., Inc.
Roosevelt & Cross, Incorporated

Bond Counsel: Harris Beach PLLC

Co-Bond Counsel: Lewis & Munday, A Professional Corporation

Financial Advisor: Public Resources Advisory Group (PRAG)

Co-Financial Advisor: Acacia Financial Group

New NY Bridge Financial Advisor: Ernst & Young Infrastructure Advisors, LLC

Trustee: The Bank of New York Mellon

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General Revenue Bond –Bond Anticipation Notes, Series 2013B (sold via private placement)

Par Amount:  $700,000,000

New Money Generated:  $197,431,507

Refunding Series 2013A BANs: $502,568,493

Closing Date:  09/25/2013

Final Maturity:  12/31/2013

Interest Payment Date:  12/31/2013

TIC (True Interest Cost):  .189042%

Purpose of Issue:  The Series 2013B BANs were issued to (i) redeem the Authority's outstanding Series 2013A Bond Anticipation Notes, (ii) to pay for ongoing costs of the New NY Bridge (replacing the original Tappan Zee Bridge),  and (iii) to pay the Costs of Issuance of the Series 2013B Notes.

Insured by: None

Ratings:  Not Rated

Purchaser:  Citibank, NA

Bond Counsel:  Harris Beach PLLC

Co-Bond Counsel:  Hardwick Law Firm, LLC

Financial Advisor:  Public Resources Advisory Group (PRAG)

Trustee:  The Bank of New York Mellon

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2013A State Personal Income Tax Revenue Bonds (Transportation)

Official Statement - Series 2013A PDF 

Par Amount:  $231,000,000

New Money Generated:  $250,000,000

Closing Date:  07/11/2013

Dated Date:  07/11/2013      

First Maturity:  03/15/2015

Final Maturity:  03/15/2033

Interest Payment Dates:  March 15 and September 15, commencing March 15, 2014

Call Provisions:  03/15/2023 @ 100%

TIC (True Interest Cost): 3.844408%

Purpose of Issue:  To make grants to reimburse municipalities and other  project sponsors throughout the State for qualifying capital expenditures for highway, bridge and multi-modal capital projects and pay certain costs relating to the issuance of the series 2013A Bonds. The proceeds also may be used to finance other transportation projects as permitted under the program legislation and State Transportation Revenue Bond Resolution.

Security:  The bonds are payable from and secured by revenues in the Revenue Bond Tax Fund, subject to annual appropriation by the State Legislature. The Revenue Bond Tax Fund receives a statutory allocation of 25% of NYS personal income tax receipts.

Pricing Date: 
06/26/2013 (A separate retail order period was not provided)
Award – 06/27/2013

Ratings:   
S&P = AAA
Fitch= AA

Bookrunner: Morgan Stanley & Company, LLC

Co-Coordinating Senior Manager:  Ramirez & Company

Co-Senior Managers:       
Barclays Capital Inc.
RBC Capital Markets
Raymond James Associates, Inc.

Co-Managers:        
MR Beal & Company
CastleOak Securities, LP
Janney Montgomery Scott LLC
BMO Capital Markets GKST, Inc.
Siebert Brandford Shank & Co., LLC
Southwest Securities, Inc.

Co-Bond Counsel:            
Hawkins, Delafield & Wood, LLP
Gonzalez Saggio & Harlan LLP

Co-Underwriters Counsel:         
Hiscock & Barclay LLP
Law Offices of Joseph C. Reid, PA

Co-Financial Advisors:    
Public Finance Management (PFM)
Acacia Financial Group, Inc.

Trustee: The Bank of New York Mellon

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General Revenue Bonds – Series 2013A Bond Anticipation Notes (sold via private placement)

Par Amount:  $500,000,000

New Money Generated:  $500,000,000

Closing Date:  02/07/2013

Final Maturity:  09/30/2013

Interest Payment Date:  09/30/2013

TIC (True Interest Cost):  .1896% (through 07/31/13)

Interest Rate 08/01/2013 through 09/30/2013:  SIFMA + 17bps

Purpose of Issue:  The Series 2013A BANs were issued to provide sufficient funds to fund initial New Tappan Zee Bridge Project (The New NY Bridge) costs and certain other Authority project costs in the short term.

BAN Pricing Date:  01/30/2013

Insured by: None

Ratings:  Not Rated

CUSIP: 650009ZF3

Purchaser:  Barclay's Capital, Inc.

Bond Counsel:  Harris Beach PLLC

Co-Bond Counsel:  Bryant Rabbino, LLP

Financial Advisor:  Public Resources Advisory Group

Trustee and Calculation Agent:  The Bank of New York Mellon

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2012A State Personal Income Tax Revenue Bonds (Transportation)

Official Statement - PIT 2012A PDF 

Par Amount:  $523,065,000

New Money Generated:  $560,000,000

Closing Date:  09/06/2012

Dated Date:  09/06/2012         

First Maturity:  03/15/2013

Final Maturity:  03/15/2032

Interest Payment Dates:  March 15 and September 15, commencing March 15, 2013

Call Provisions:  09/15/2021 @ 100%

TIC (True Interest Cost): 3.108%

Purpose of Issue:  To provide the Authority with funds to make grants to reimburse municipalities and other project sponsors throughout the State for qualifying capital expenditures for highway, bridge and multi-modal capital projects pursuant to established State programs, to fund certain Metropolitan Transportation Authority ("MTA") facilities, and to refund certain maturities of the Authority's outstanding Personal Income Tax (Transportation) Bonds.

Pricing Dates: 
Retail – 08/20/2012
Institutional – 08/21/2012
Award – 08/22/2012

Ratings:   
S&P = AAA
Fitch = AA

Bookrunner:   J.P. Morgan

Co-Coordinating Manager:  M.R. Beal & Company

Senior Managers:  
Morgan Stanley
Raymond James|Morgan Keegan
Wells Fargo Securities

Co-Managers:        
Barclays
Janney Montgomery Scott
Ramirez & Co., Inc.
RBC Capital Markets
Roosevelt & Cross, Incorporated
Stifel, Nicolaus & Company, Incorporated

Bond Counsel:  Sidley Austin LLP

Underwriters' Counsel:  Harris Beach PLLC

Financial Advisors:  First Southwest Company and Estrada Hinojosa & Company

Trustee:  The Bank of New York Mellon

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General Revenue Bonds, Series I

Official Statement - Series I PDF 

Par Amount: $1,122,560,000

New Money Generated: $250,000,000

Closing Date: July 11, 2012

Dated Date: July 11, 2012

First Maturity: 01/01/2014

Final Maturity: 01/01/2042

Interest Payment Dates: January 1 and July 1, commencing January 1, 2013

Call Provisions: 01/01/2022 @ 100%

TIC (True Interest Cost): 4.1236%

Purpose of Issue: To provide funds to pay the principal and interest at maturity of the Authority's General Revenue Bond Anticipation Notes, Series 2011A and fund a portion of the cost of the Authority's 2012-2015 Multi-Year Capital Program.

Security: Pledge of Revenues (Toll and other Revenues) as established under the Bond Resolution. In Addition, the Series I Bonds are secured by a Debt Service reserve fund.

Pricing Dates: 
Retail – 06/25/12
Institutional – 06/26/12
Award – 06/27/12

Insured by: None

Ratings:   
S&P = A+
Moody's = A1

Bookrunner:  Citigroup

Co-Coordinating Manager:  Siebert Brandford Shank & Co., L.L.C.

Co-Senior Managers:  
BofA Merrill Lynch
Goldman, Sachs & Co.
RBC Capital Markets

Co-Managers:        
Jefferies
KeyBanc Capital Markets Inc.
Raymond James|Morgan Keegan
Ramirez & Co., Inc.
Roosevelt & Cross Incorporated
Wells Fargo Securities

Bond Counsel: Hawkins Delafield & Wood L.L.P.

Underwriters' Co-Counsel: Hiscock & Barclay, L.L.P. and the Law Offices of Joseph C. Reid, P.A.

Financial Advisor: Public Resources Advisory Group (PRAG)

Co-Financial Advisor: Acacia Financial Group, Inc.

Trustee: The Bank of New York Mellon

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2012A Second General Highway and Bridge Trust Fund Bonds

Official Statement - TF 2012A PDF 

Par Amount:  $780,495,000

New Money Generated:  $540,000,000

Refunding Par Amount: $307,975,000

Net PV Savings: $36,807,110

Closing Date:  March 22, 2012

Dated Date:  March 22, 2012

First Maturity:  04/01/2013

Final Maturity:  04/01/2032

Interest Payment Dates:  April 1 and October 1, commencing October 1, 2012

Call Provisions:  04/01/2022 @ 100%

TIC (True Interest Cost):  3.043%

Purpose of Issue:  To provide funds to reimburse the State for certain expenditures made or to be made by the State Department of Transportation in connection with the State’s Multi-Year Highway and Bridge Capital Program, and to refund certain maturities of the Authority’s outstanding First and Second General Resolution Trust Fund Bonds.

Security:  The Bonds are payable from and secured by revenues of the Dedicated Highway and Bridge Trust Fund held in the joint custody of the Commissioner of Taxation and Finance and the State Comptroller, subject to appropriation by the State Legislature.

Pricing Dates: 
Retail – 03/13/12
Institutional – 03/14/12
Award – 03/14/12

Insured by: None

Ratings: 
S&P = AA
Fitch = AA

Bookrunner:  Bank of America Merrill Lynch

Co-Coordinating Manager:  Loop Capital Markets LLC

Senior Managers:  
Barclays Capital
JP Morgan
Ramirez & Co.

Co-Managers:
Fidelity Capital Markets
Janney Montgomery Scott
Jefferies & Company
KeyBanc Capital Markets
Stifel, Nicolaus & Co.
Wells Fargo Securities

Bond Counsel:  Hiscock & Barclay LLP and Joseph C. Reid, P.A.

Underwriters’ Counsel:  Mintz, Levin, Cohn, Ferris, Glovsky and Popeo P.C.

Financial Advisor:  Public Financial Management and ButcherMark Financial Advisors

Trustee:  The Bank of New York Mellon

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2012A Local Highway and Bridge Service Contract Bonds

Official Statement - Series 2012A PDF 

Par Amount:  $235,480,000

Refunding Par Amount: $235,480,000

Net PV Savings: $23,347,979

Closing Date:  March 15, 2012

Dated Date:  March 15, 2012

First Maturity:  04/01/13

Final Maturity:  04/01/16

Interest Payment Dates:  April1 and October 1, commencing October 1, 2012

Call Provisions: None

TIC (True Interest Cost): .648%

Purpose of Issue:  To provide funds to refund certain maturities of the Authority’s outstanding Local Highway and Bridge Service Contract Bonds.

Security:  The Bonds are payable from and secured by certain payments to the Authority by the State of New York under a Service Contract that provides for the payment of amounts sufficient to pay when due, all installments of principal of and interest on, the Series 2012A Bonds.

Pricing Dates: 
Retail – 03/07/12
Institutional – 03/08/12
Award – 03/08/12

Insured By: None

Ratings:   
S&P = AA-
Fitch = AA-

Bookrunner:  Wells Fargo Securities

Co-Coordinating Manager:  Jackson Securities

Senior Managers:  
Barclays Capital
Jefferies & Company
RBC Capital Markets

Bond Counsel:  Holland & Knight, LLP

Underwriters’ Counsel:  Nixon Peabody, LLP

Financial Advisor:  Public Resources Advisory Group and Frasca & Associates, LLC

Trustee:  The Bank of New York Mellon

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2011A State Personal Income Tax Revenue Bonds (Transportation)

Official Statement - PIT 2011A  PDF 

Par Amount:  $351,895,000

New Money Generated:  $400,000,000

Closing Date:  09/14/2011

Dated Date:  09/14/2011

First Maturity:  03/15/2012

Final Maturity:  03/15/2026

Interest Payment Dates:  March 15 and September 15, commencing March 15, 2012

Call Provisions:  03/15/2021 @ 100%

TIC (True Interest Cost): 2.783%

Purpose of Issue:  To provide the Authority with funds to make grants to reimburse municipalities and other project sponsors throughout the State for highway, bridge and multi-modal capital projects pursuant to established State programs. 

Pricing Dates: 
Retail – 09/07/2011
Institutional – 09/08/2011
Award – 09/09/2011

Ratings:   
S&P = AAA
Fitch = AA

Bookrunner:   Siebert Brandford Shank & Co., L.L.C.

Senior Managers:  
Barclays Capital
Goldman, Sachs & Co.
J.P. Morgan
Wells Fargo Securities

Co-Managers:        
M.R. Beal & Company
Jackson Securities
Morgan Keegan
Morgan Stanley
Raymond James & Associates, Inc.
Roosevelt & Cross, Incorporated

Bond Counsel:  Sidley Austin LLP

Underwriters’ Counsel:  Hiscock & Barclay, LLP

Co-Underwriter’s Counsel: Law Offices of Joseph C. Reid, P.A.

Financial Advisor:  Public Resources Advisory Group, Inc.

Trustee:  The Bank of New York Mellon

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2011A General Revenue Bond Anticipation Notes

Official Statement - BANS 2011A  PDF 

Par Amount:  $868,045,000

New Money Generated:  $200,000,000

Closing Date:  07/13/2011

First Maturity:  07/12/2012

Final Maturity:  07/12/2012

Interest Payment Date:  07/12/2012

TIC (True Interest Cost):  .493%

Purpose of Issue:  To retire the Authority’s series 2009A BANs and to fund a portion of the cost of the Authority’s Multi-Year Capital Plan.

Pricing Date:  June 29, 2011

Insured by: None

Ratings: 
Moody’s - MIG 1
S&P - SP-1+

Bookrunner:  RBC Capital Markets

Co-Coordinating Manager:  Loop Capital Markets

Bond Counsel:  Hawkins Delafield & Wood LLP

Underwriters’ Counsel:  Law Offices of Joseph C. Reid, P.A.

Financial Advisor:  First Southwest Company

Trustee:  The Bank of New York Mellon

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2011A Second General Highway and Bridge Trust Fund Bonds

Official Statement - TF 2011A  PDF 

Par Amount:  $445,000,000

New Money Generated:  $440,000,000

Refunding Par Amount: $38,495,000

Net PV Savings: $1,660,750

Closing Date:  6/23/2011

Dated Date:  06/23/2011

First Maturity:  04/01/2012

Final Maturity:  04/01/2031

Interest Payment Dates:  April 1 and October 1, commencing October 1, 2011

Call Provisions:  4/1/2021 @ 100%

TIC (True Interest Cost): 3.806%

Purpose of Issue:  To refund certain issues of the Authority’s outstanding First General Highway and Bridge Trust Fund Bonds and to provide funds to reimburse the State for certain expenditures made or to be made by the State Department of Transportation in connection with the State’s Multi-Year Highway and Bridge Capital Program.

Security:  The Bonds are payable from and secured by revenues of the Dedicated Highway and Bridge Trust Fund held in the joint custody of the Commissioner of Taxation and Finance and the State Comptroller, subject to appropriation by the State Legislature.

Pricing Dates: 
Retail – 6/13/2011
Institutional – 6/14/2011
Award – 6/15/2011

Insured by:  None

Ratings:  
S&P = AA
Fitch = AA

Bookrunner: Citi

Co-Coordinating Manager:  Ramirez & Co., Inc.

Senior Managers:  
BofA Merrill Lynch
Jefferies & Company
Loop Capital Markets LLC

Co-Managers:        
BB&T Capital Markets
Fidelity Capital Markets
KeyBanc Capital Markets
Morgan Keegan
Morgan Stanley
Southwest Securities, Inc.

Bond Counsel:  Harris Beach PLLC

Underwriters’ Counsel:  Robinson & Cole LLP

Financial Advisor:  First Southwest Company

Trustee:  The Bank of New York Mellon

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